Investigation and pending class action against E Trade on behalf of investors who purchased auction rate securities from E Trade.
Auction rate securities are also known as auction rate preferred stock; auction market preferred stock; variable rate preferred securities; money market preferred securities; auction rate bonds.
E Trade represented to investors that auction rate securities were equivalent to cash or money market funds, were highly liquid and safe investments for short term investments. Deutsche Bank knew but failed to disclose material facts about auction rate securities including the fact that auction rate securities were in fact long-term financial instruments that were artificially supported and manipulated by broker-dealers thereby creating the appearance of liquidity and stability.
Name (Stock Symbol)
E TRADE Financial Corporation (ETFC)
E TRADE Financial Corporation provides web based banking services.
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